Outside from Bitcoin, no one has "won" in crypto. The industry is still far too young, and it's a mistake to assume incumbents can't be unseated. Historically fundamentals haven't mattered, and the reflexivity of token price action has driven outcomes. That is no longer the case. The winners of tomorrow will be determined by business model, GTM / distribution, and execution. Investors that are more discerning to fundamentals and don't care about CT narratives will also help shift the balance. I think folks will be genuinely surprised as protocols that many have long written off as winners in their respective categories are unseated in the coming years.